Baltimore Multifamily MarketView Q3 2018

•Out of the seven properties in lease-up in Baltimore City, the current average rate of absorption per project is 22.2 units per month. This rate of absorption is 41% higher than the previous rate in Q3 2017, which averaged 13.1 units absorbed per month in Baltimore City.

•Class A vacancy ended Q3 2018 at 4.6%, down 10-bps from Q3 2017. The Baltimore Metro averaged a 4.4% vacancy rate over the past five years.

•The largest project currently under construction in the Baltimore Metro is AvalonBay’s 380-unit apartment tower in Little Italy. The redevelopment of the former vacant Della Notte property adds additional multifamily to the burgeoning Harbor East neighborhood. This project marks AvalonBay’s first project in Baltimore City to date.